Charging Robotics Inc. Files 10-Q for Period Ended March 31, 2024

TL;DR

<b>Charging Robotics Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, indicating its status as a smaller reporting and emerging growth company.</b>

AI Summary

Charging Robotics Inc. (CHEV) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Charging Robotics Inc. filed a 10-Q report for the quarterly period ended March 31, 2024. The company is incorporated in Delaware and its principal executive offices are located at 20 Raul Wallenberg Street, Tel Aviv, Israel. Charging Robotics Inc. was formerly known as FUEL DOCTOR HOLDINGS, INC. and Silverhill Management Services Inc. The company has elected not to use the extended transition period for complying with new or revised financial accounting standards. Charging Robotics Inc. is classified as a smaller reporting company and an emerging growth company.

Why It Matters

For investors and stakeholders tracking Charging Robotics Inc., this filing contains several important signals. This filing provides an update on the company's financial performance and operational status for the first quarter of 2024. As a smaller reporting and emerging growth company, Charging Robotics Inc. may have different disclosure requirements and compliance timelines compared to larger entities.

Risk Assessment

Risk Level: low — Charging Robotics Inc. shows low risk based on this filing. The filing is a standard 10-Q, and no immediate red flags or significant negative developments are apparent from the header information alone.

Analyst Insight

Review the full 10-Q filing for detailed financial statements, management discussion, and risk factors to assess Charging Robotics Inc.'s current business performance and outlook.

Key Numbers

• 2024-03-31 — Quarterly Period End Date (Reporting period for the 10-Q)
• 2024-05-14 — Filing Date (Date the 10-Q was filed)
• 000-56253 — Commission File Number (SEC file number for the registrant)

Key Players & Entities

• Charging Robotics Inc. (company) — Filer name
• March 31, 2024 (date) — Quarterly period ended
• 20 Raul Wallenberg Street (address) — Principal executive offices
• Tel Aviv, Israel (location) — Principal executive offices
• FUEL DOCTOR HOLDINGS, INC. (company) — Former company name
• Silverhill Management Services Inc (company) — Former company name
• Delaware (location) — State of incorporation
• 26-2274999 (identifier) — I.R.S. Employer Identification No.

FAQ

Industry Context

The company operates in the wholesale of motor vehicle supplies and new parts sector, as indicated by its SIC code.

Regulatory Implications

The filing is made pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, requiring quarterly reporting.

What Investors Should Do

1. Analyze the financial statements within the 10-Q for revenue, expenses, and profitability.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into business operations and future outlook.
3. Examine the risk factors section for potential challenges and uncertainties facing the company.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 31, 2024, as indicated by the filing type and date.

Key Financial Figures

• $0.0001 — were 9,151,040 shares of common stock, $0.0001 par value per share, issued and outstan

Filing Documents

• ea0205654-10q_charging.htm (10-Q) — 375KB
• ea0205654ex31-1_charging.htm (EX-31.1) — 10KB
• ea0205654ex31-2_charging.htm (EX-31.2) — 10KB
• ea0205654ex32-1_charging.htm (EX-32.1) — 4KB
• ea0205654ex32-2_charging.htm (EX-32.2) — 4KB
• 0001213900-24-042456.txt (&nbsp;) — 2944KB
• fdocd-20240331.xsd (EX-101.SCH) — 32KB
• fdocd-20240331_cal.xml (EX-101.CAL) — 21KB
• fdocd-20240331_def.xml (EX-101.DEF) — 153KB
• fdocd-20240331_lab.xml (EX-101.LAB) — 259KB
• fdocd-20240331_pre.xml (EX-101.PRE) — 146KB
• ea0205654-10q_charging_htm.xml (XML) — 249KB

Financial Information

Part I. Financial Information 1 Item 1. Consolidated Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as at March 31, 2024 (Unaudited) and December 31, 2023 (Audited) 1 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and March 31, 2023 (Unaudited) 2 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three Months Ended March 31, 2024 and March 31, 2023 (Unaudited) 3 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and March 31, 2023 (Unaudited) 4 Notes to the Condensed Consolidated Financial Statements (Unaudited) 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 19 Item 4.

Controls and Procedures

Controls and Procedures 19

Other Information

Part II. Other Information 20 Item 1.

Legal Proceedings

Legal Proceedings 20 Item 1A.

Risk Factors

Risk Factors 20 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20 Item 3. Defaults Upon Senior Securities 20 Item 4. Mine Safety Disclosures 20 Item 5. Other Information 20 Item 6. Exhibits 20

Signatures

Signatures 21 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q of Charging Robotics Inc. (formerly Fuel Doctor Holdings, Inc.), a Delaware corporation (the "Company"), contains "forward-looking "should", "could", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. The economic environment within which we operate could materially affect our actual results. Additional factors that could materially affect these forward-looking statements and/or predictions include, among other things: the Company's need for and ability to obtain additional financing and the demand for the Company's products, and other factors over which we have little or no control; and other factors discussed in the Company's filings with the Securities and Exchange Commission ("SEC"). We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. We disclaim any obligation subsequently to revise any forward-looking events, except as required by law. ii

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

: CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1: CONSOLIDATED FINANCIAL STATEMENTS. CHARGING ROBOTICS INC. (FORMERLY FUEL DOCTOR HOLDINGS, INC.) CONDENSED CONSOLIDATED BALANCE SHEETS U.S. dollars in thousands except share and per share data March 31, 2024 December 31, 2023 ASSETS Current assets: Cash $ - $ 8 Other accounts receivable 28 43 Total current assets 28 51 Non-current assets: Investment in an affiliate (note 4) 90 110 Intangible asset (note 5) 104 100 Loan to an affiliate (note 4) 63 62 Total non-current assets 257 272 TOTAL ASSETS $ 285 $ 323 LIABILITIES & STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 129 $ 104 Other current liabilities 137 116 Short term loans 127 30 Related parties (Note 6) 116 98 Total current liabilities 509 348 Non-current liabilities: Deferred revenues $ 49 $ 49 Total liabilities $ 558 $ 397 Stockholders' deficit (Note 7) Preferred shares, par value $ 0.0001 , 10,000,000 shares authorized, 0 shares issued and outstanding at December 31, 2023 and December 31, 2022 - - Common stock, par value $ 0.0001 , 2,990,000,000 shares authorized, 9,151,040 shares issued and outstanding at March 31, 2024 and December 31, 2023 1 1 Additional paid-in capital 1,817 1,817 Foreign currency transaction reserve ( 29 ) ( 27 ) Reserve from share-based compensation transactions 102 101 Accumulated deficit ( 2,164 ) ( 1,966 ) Total stockholders' deficit ( 273 ) ( 74 ) TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 285 $ 323 1 CHARGING ROBOTICS INC. (FORMERLY FUEL DOCTOR HOLDINGS, INC.) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS U.S. dollars in thousands except share and per share data Three months ended March 31, 2024 2023 Research and development costs, net $ 63 $ 40 General and administrative costs 119 12 Total operating expenses 182 52 Operating loss $ ( 182 ) $ ( 52 ) Financial income, net 2 - Shar

Financial Statements

Financial Statements 4 CHARGING ROBOTICS INC. (FORMERLY FUEL DOCTOR HOLDINGS, INC.) NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL U.S. dollars in thousands except share and per share data (UNAUDITED) NOTE 1 – GENERAL Charging Robotics Inc. (formerly Fuel Doctor Holdings, Inc.) (the "Company") was incorporated in the State of Delaware on March 25, 2008, as Silver Hill Management Services, Inc. On August 24, 2011, the Company amended its Certificate of Incorporation and changed its name to Fuel Doctor Holdings, Inc. On April 23, 2024, the Company changed its name to Charging Robotics Inc. On March 28, 2023, the Company entered into a Securities Exchange Agreement (the "Acquisition Agreement") with the stockholders of Charging Robotics Ltd. ("CR Israel"). Pursuant to the Acquisition Agreement, at the closing, which occurred on April 7, 2023 (the "Closing"), the Company acquired 100 % of the issued and outstanding stock of Charging Robotics (the "Acquisition"), making CR Israel a wholly owned subsidiary of the Company. CR Israel was formed in February 2021, as an Israeli corporation, with the main goal of developing an innovative wireless electric vehicles (EV) charging technology. At the heart of the technology is a wireless power transfer module that uses resonance coils to transfer electricity wirelessly. This module can be used for various products such as robotic and stationary platforms. The robotic platform will include a component which is small enough to fit under the vehicle, and which will automatically position itself for maximum-efficiency charging, and upon charging completion will automatically return to its docking station. CR Israel also developed a Wireless EV Charging System for automatic parking lots based on our wireless electricity transfer module. On April 6, 2023, the Company issued a total of 910,000 newly issued shares of the Company's common stock in respect of a private placement for total proceeds of $ 500 . On

View Full Filing

View this 10-Q filing on SEC EDGAR